Office of the City Manager

New Businesses in Pasadena

During this difficult economic period the City's efforts to attract and retain business continues. Here is an activity update from Economic Development Staff.

• Caelux is moving into existing space on Halstead. This is a Caltech spin-off that is researching a flexible solar cell design that minimizes the amount of semiconducting material used. This technology has the potential to significantly improve solar device efficiency while dramatically reduce production costs.

• Evertrust Bank, founded in 1995 is headquartered in City of Industry, Calif. The bank offers a full range of financial products and services to its customers and has plans to move its headquarters into the 2 N. Lake building later this year.

• Opus Bank and TD Ameritrade are also finalizing negotiations for space in the same building located at the NE comer of Lake and Colorado.

• Green Dot has just executed lease documents. This company issues MasterCard and Visa prepaid cards in a wide network of about 50,000 retail locations. Green Dot leased all 141,540 square feet at 3465 Foothill Blvd. This represents 500 jobs in a building that has been vacant for several years.

• Glassimetal is a company founded by Caltech researchers that have developed a new technique that allows them to make metallic-glass parts. The new technique results in a metallic glass that is 20 times harder than plastic but can be shaped like plastic.

• OE Waves is another Caltech related company that has been growing in Pasadena. The company developed microwave photonic technologies for communications, radar, and measurement systems. OE Waves recently moved intospace on Electronic Drive in East Pasadena.